Customer Churn Data Right In Front of Your Nose
Subscription-based business models have given the power back to the people.
Just until very recently, a customer would pay upfront for software, for example, and the company offering the product needed to do little (if anything) once they had the customer’s cash. Times have changed, which is good news for end-users, because companies with subscription-based business models have to try in earnest to earn their dollars.
For brands, however, customer turnover is the difference between survival and success – one of the key ideas behind Bluenose Analytics. This young company – backed by an early $10 million in venture funding from The Social+Capital Partnership and Norwest Venture Partners (NVP) – provides Customer Success software for software-as-a-service businesses to increase revenue, using predictive analytics to engage at-risk customers and identify drivers of churn.
One of the ways to predict at-risk customers is with Bluenose's health score engine within its flagship product, using any factor and weighting a company chooses. Additionally, the salesperson or marketer can get alerts on changes to customer health and mobilize immediately.
Another is through event-level usage data to measure customer adoption. After all, customers who aren't using a company's products, likely won't subscribe again, but brands can use this data to prevent churn and increase up-sell opportunities (maybe the customer needs different features).
What’s particularly useful about Bluenose is that it integrates with some of the most popular business apps on the market, like Marketo, Zendesk, Zuroa and Mixpanel; It also has a native Force.com app that seamlessly works with Salesforce.
“Bluenose is dedicated to helping businesses better understand their customers and automate workflow processes that improve customer success,” said Don MacLennan, co-founder & CEO of Bluenose Analytics. “By integrating with the most widely-used CRM platform, Bluenose is extending the value of our customers’ Salesforce investments and making it easier for any Salesforce user to access and act on complete customer information.”
Key features of the Salesforce integration include:
• A natively built Force.com application that combines data from the Bluenose cloud with the Salesforce CRM cloud in real-time
• Extended profiles of each account record in Salesforce CRM with a 360-degree view of each customer’s usage history, purchase history, support ticket history and survey responses
• Bi-directional sync of customer master data and task-based workflows to maintain "one version of the truth"
• A collection of native Salesforce CRM dashboards and reports that give managers up-to-the minute status on customer health and workflow status, based on extensive best practice research